Told ya so!..............
Posted on 01/26/2010 7:24:47 AM PST by tcrlaf
Verizon Communications Inc., the second-largest U.S. phone company, plans to cut more than 10,000 jobs at its fixed-line unit this year after posting fourth- quarter sales that missed analysts’ estimates.
The company plan to keep cuts at the same level as last year, when it reduced 13,000 positions, or about 9 percent of the unit’s workforce, Chief Financial Officer John Killian said on a conference call today. The business had about 117,000 workers at year-end.
Sales rose 9.9 percent to $27.1 billion, missing the $27.3 billion average of estimates compiled by Bloomberg. Revenue at Verizon’s fixed-line service dropped 3.9 percent, muting mobile- customer gains that beat some analysts’ projections. High unemployment hurt sales to companies and damped growth at Verizon’s FiOS Internet and TV service, said Christopher King, an analyst at Stifel Nicolaus & Co.
“The economy, first and foremost, we really see no signs of improvement there,” said Baltimore-based King, who advises investors to buy the shares and doesn’t own any. “I would have expected to see a little bit more signs of stabilization in the fourth quarter.”
(Excerpt) Read more at businessweek.com ...
Obama will count this as jobs added under his reign.
The bad economy is only serving to hasten the inevitable death of the landline as people look at any way to cut costs.
Obama math....
117,000 jobs - 10,000 jobs = 107,000 saved jobs!
Wow that’s truly a staggering total! Obama saved 107,000 Verizon jobs!
Doublepulusgood!
I stick with Verizon Wireless because their coverage is good. Their customer service is deplorable and they charge you fees for everything. We upgraded my wife’s phone two weeks ago and they wanted to charge $10 to transfer her contact info from her old phone to the new one!
Why the **** would I try internet or home phone service with them, given their wireless customer service? It ain’t the economy, stupid!
Told ya so!..............
Sorry for the good people (if there's any) who work there that are losing their jobs, but F&*^#@! Verizon deserves to go out of buisness.
Fixed line is land line. Remember, Verizon is several of the old ma-bells (and GTE). Ten years ago land lines was their bread and butter business. Today land lines are dinosaur technology.
The real question is why have the phone companies shown such poor planning. Everybody new land lines would be gone eventually, yet the stubornly stuck with the technology.
Unfortunately for Verizon, land lines are the only way to go in some areas. Has something to do with the mountains and the lack of towers. /sarc
I don’t know where people are having these deplorable Verizon experiences for home/internet/FIOS.
You couldn’t separate me from them. My experiences have always been good, I’ve had one outage with them in 5 years due to a cable being cut during construction. They seemingly lower my bill every time I call about specials, new/upgraded services.
FIOS is godly and they gave me a $200 gift card and guaranteed my rates for 2 years WITHOUT a contract. I know customer service is YMMV but I’m very happy with them.
Verizon is another advertiser with the dumb white guy ads.
People voted for this Hope & Change.
Nah! He'll be talking about all those jobs laying broadband lines that are shovel ready.
This seems to be tied to the non-wireless sector of the company, while the wireless side did well.
Verizon did see the writing on the wall, that’s why they created the lower-cost and lower-maintenance (from their point of view) FIOS service.
Thing is, that’s just one division. They have a lot of other divisions that like GM are in conflict and competition with each other, and the older-soon-to-be-all-but-defunct POTS divisions have entirely too many union droids who can’t be fired any other way.
Sam’s Club just laid off a thousand at least.
Starbucks boss just a 25% raise after closing hundreds of locations during the year. Shouldn’t the leftists be condemning him?
FYI, this refers to the non-wireless side of Verizon.
The wireless side did very well.
At&t also looking to lay off. I know they want to cut 600+ Service Technician jobs in California alone, this year.
I dunno. I think they LIKE Starbucks.
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